Import prices last month about matched Consensus expectations and jumped 1.3%, although July's gain was revised lower to 0.8% from 1.1% reported initially.

Petroleum prices surged another 7.1% on top of a downwardly revised 6.1% spike in July. So far in September, Brent crude oil prices have averaged $65.00 and yesterday traded at $63.79/bbl. versus an average $64.10 in August.

During the last ten years there has been a 66% (negative) correlation between the nominal trade-weighted exchange value of the US dollar vs. major currencies and the y/y change in non oil import prices. The correlation is a lower 47% against a broader basket of currencies and a lower 57% against the real value of the dollar.